Gold prices continued their upward trend in Pakistan on Thursday, mirroring gains in the international market, while silver soared to an unprecedented level.
In the local market, gold per tola climbed to Rs443,562, rising by Rs500 during the day. Similarly, the price of 10 grams of gold increased by Rs428 to reach Rs380,282, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Earlier, gold per tola had been recorded at Rs443,062.
Meanwhile, silver set a new all-time high, increasing by Rs85 to Rs6,452 per tola.
The international market also reflected bullish momentum. Gold prices rose on Wednesday following the Federal Reserve’s latest rate cut, despite lingering uncertainty over next year’s monetary policy.
Spot gold was up 0.7% at $4,236.57 per ounce, while U.S. gold futures for February delivery settled slightly lower at $4,224.70. The Fed’s rate cut, issued in a divided vote, signalled a likely pause in further reductions as officials await clearer guidance on inflation and the job market.
“Gold traders welcomed the Fed’s decision. Prices traded at the day’s highs after a brief period of profit-taking,” said Tai Wong, an independent metals trader.
Lower interest rates typically make non-yielding assets such as gold more attractive to investors, providing additional support to the precious metal market.
